The past month was super bearish. As looking at the past oil price is always take longer to climb up but it collapses in just a few days.
With the production cut from OPEC, I highly doubt that we will see below $50 again. Simple Fibonacci retracement shows below $51.5 is a full 61.8% retracement from the bullish run that started in December. It is better to fill buy order on the green area.
With the production cut from OPEC, I highly doubt that we will see below $50 again. Simple Fibonacci retracement shows below $51.5 is a full 61.8% retracement from the bullish run that started in December. It is better to fill buy order on the green area.